GCSE Business External Environment
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Commodities | Raw materials such as coal, oil, copper, iron ore, wheat and soya.
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| Commodity Markets | Where buyers and sellers meet to exchange commodities- these can be international eg London Metal exchange.
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| Demand | The amount consumers are willing and able to buy at any given price.
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| Supply | The amount sellers are willing to offer for sale at any given price.
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| Shortage | When the demand for a good or service is greater than the supply. Prices tend to rise.
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| Surplus | When the demand for a good or service is less than the available supply. Prices tend to fall.
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| Goods market | The market for everyday products such as clothes, food, petrol. going to the cinema etc.
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| Interest Rates | The percentage reward or payment over a period of time that is given to savers or paid by borrowers on savings or loans.
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| Bank of England | The central bank for the UK. Its role is to monitor the banking system and to be a banker to the banks. It is responsible for setting interest rates in the UK>
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| Variable Interest Rates | Interest rates that can change over the lifetime of a loan depending on what is happening to other interest rates in the economy.
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| Fixed Interest Rates | Interest rates that stay the same over an agreed period of a loan.
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| Exchange rates | This is the price of buying a foreign currency. It tells you how much of the foreign currency you will get for every pound or how many pounds you have to give up to acquire a foreign currency.
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| Export | This is the sale of a good or service to a foreign buyers that leads to a flow of money into the UK.
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| Import | This is the purchase of good or services from a foreign business that leads to a flow of money out of the UK.
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| Economic Activity | The amount of buying and selling that takes place in a period of time.
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| The economy | The economic activity carried out by people and businesses in a country.
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| Economic growth | Rises in the rate of economic growth in an economy. It is measured by calculating the value of sales in an economy over a period of time.
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| Business Cycle | Fluctuations in the level of economic activity over a period of time.
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| Recession | A situation when the level of economic growth is negative for two successive quarters.
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| Stakeholder | An individual or group which has a vested interest in an is affected by the activities of a business.
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| Business Ethics | Ideas about what is morally correct or not, applied to a business situation.
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| Pressure Groups | Groups which support causes such as workers right , the environment or animal welfare. They try and get businesses to change they way they do business.
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| Supply Chain | The processes that are involved in the route taken by a product from the raw materials needed to create it right through to the final customer.
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| Developed countries | Countries with a relatively high income per person.
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| Developing countries | Countries with a relatively low income per person.
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| Protectionist policies | Measures designed to reduce foreign products coming into a country but give an advantage to domestic firms to sell products at home or export products.
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| Tariffs or customs duties | Taxes put on goods imported into a country which make them more expensive for buyers.
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| Quota | Limits on the physical number of goods that can be imported over a period of time.
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| Export subsidies | Measures that reduce the price of goods sold abroad.
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| Minimum wage | The lowest payment per hour, day or week that can be given to a worker for their work.
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